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TSX climbs away from fiscal cliff fear

The Toronto stock market was higher, extending the gains of the previous session amid growing optimism that Democrats and Republicans will get a deal on averting a U.S. fiscal crisis by the end of December.

The S&P/TSX composite index gained 81.21 points to 12,221.54 while the Canadian dollar was off 0.09 of a cent to 100.73 cents US.

U.S. indexes were also higher amid data showing the economy grew at an annualized rate of 2.7 per cent during the third quarter, which was much better than the two per cent rate estimated a month ago.

The Dow Jones industrials ran ahead 38.36 points to 13,023.47.

The Nasdaq was up 15.71 points to 3,007.49, while the S&P 500 index climbed 5.64 points to 1,415.57.

Royal Bank (TSX:RY) was up 36 cents to $58.71 as the bank posted quarterly net earnings of $1.9 billion or $1.25 a share. Adjusted net earnings came in at $1.27 a share, beating estimates by a penny.

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